Connect with us
Active Currencies 12870
Market Cap $2,079,973,979,186.70
Bitcoin Share 48.67%
24h Market Cap Change $1.34

Solana [SOL] jumps to an upper range – Is the $23.93 target reachable?

2min Read

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • SOL hit its bullish target of $22.6
  • However, development activity and weighted sentiment witnessed a dip 

Solana [SOL] followed Bitcoin [BTC] and inflicted a breakout. BTC crossed $30K, hitting $30.$K before cooling off slightly at press time. Similarly, SOL also managed to hit its bullish target of $22.58 and eased into a key upper range. 

Read Solana [SOL] Price Prediction 2023-2024

SOL witnessed a much-needed boost especially after the exchange became the latest to introduce the SOL staking service. Investors will thus, have more staking options to maximize their rewards.

Which way for SOL – consolidation, pump, or dump?

Source: SOL/USDT on TradingView

SOL appreciated by over 12%, rising from the channel’s lower boundary of $20 to the bullish target of $22.58. But the resistance range of $21.99 – $22.58 could slow the uptrend, especially if BTC fails to  maintain its surge beyond $30K. 

However, as the overall market remains upbeat for higher moves, any BTC move beyond $30K could tip SOL bulls to break above the upper range of $21.99 – $22.58. Such an upswing could set SOL to retest the immediate overhead resistance of $23.93 – a 6% potential rally. 

One likely trade setup for such a potential upswing could be a long position with an entry at $22.58 after confirming an uptrend continuation. The lower range of $21.99 will be the stop loss, and the immediate target will be $23.93. The supply zone at $26 can slow any further uptrend momentum. 

Conversely, a close below $21.99 may attract more selling pressure and could set SOL to retrace to the channel’s upper boundary of $21.21 or the mid-level of  $20.57. These levels can act as shorting targets in such a downswing scenario. 

Meanwhile, the Relative Strength Index (RSI) spiked to the overbought zone – showing a strong bullish sentiment and buying pressure. The On-Balance Volume (OBV) also saw an uptick, highlighting increased demand in the past few days. 

Development activity and sentiment declined

Source: Santiment

At press time, the development activity declined, bringing down investors’ confidence, as shown by the drop in weighted sentiment despite the recent rally. The trend could undermine a strong recovery. 

How much are 1,10,100 SOLs worth today?

However, the open interest (OI) rate increased from April 10, showing an influx of money into SOL’s futures market. A cross above $23 alongside a rising OI will reinforce the bullish sentiment.

Source: Coinglass


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.